Millions of consumers have an error on their credit report. In response, Democratic Senator Claire McCaskill of Missouri held a hearing Tuesday on the consumer report industry.
One out of every five consumers has an error on at least one of their major credit reports, according to a study released a few months ago by the Federal Trade Commission. Those errors can cause consumers to pay more or be denied credit or housing.
McCaskill, who recently became chairman of the Senate subcommittee on consumer protection, called the system “kafkaesque.”